Top insider trades (Wed, Apr 15)

Connor’s Commentary

There were 101 new insider trades filed.

No insider trades were flagged as High Signal, but I shared my notes on Nike (NKE).

CEO Watcher Premium subs can see those in the Trade Notes section of this email (just scroll down).

As a reminder, if you upgrade to CEO Watcher Premium (link) and find that it isn’t for you, I’ll give you a refund.

• 10% Owner (DART KENNETH BRYAN) at Flutter Entertainment plc $FLUT purchased $81.01M (first purchase of FLUT). Dip Buy: the stock was down -50% in the previous 3 months. This insider has purchased the stock 15 times in the last 30 days. Is part of a dividend reinvestment.

• Director (COOK TIMOTHY D) at NIKE, Inc. $NKE purchased $1.06M (2nd largest purchase, out of 2). This increased their listed holdings by 23%. Dip Buy: the stock was down -22% in the previous month. 3 other insiders also purchased the stock in the last 30 days. Part of a 10b5-1 plan.

• PRESIDENT & CEO at NIKE, Inc. $NKE purchased $1.00M (2nd largest purchase, out of 2). Dip Buy: the stock was down -22% in the previous month. 3 other insiders also purchased the stock in the last 30 days. Part of a 10b5-1 plan.

• Director (SITTEMA THOMAS KENT) at StepStone Private Infrastructure Fund $STRUX purchased $250.00K (first purchase of STRUX). This increased their listed holdings by 18%. Is part of a dividend reinvestment.

• CEO and President at Worksport Ltd $WKSP purchased $75.00K (first purchase of WKSP). Dip Buy: the stock was down -37% in the previous month.

• Chief Executive Officer at SILVER BULL RESOURCES, INC. $SVBL purchased $43.08K (first purchase of SVBL). This increased their listed holdings by 11%.

• Director (AE RED HOLDINGS, LLC) at Redwire Corp $RDW sold $13.14M (10th largest sale, out of 39). This insider has sold the stock 6 times in the last 30 days.

• President and CEO at AEHR TEST SYSTEMS $AEHR sold $10.79M (largest sale ever, out of 36). This decreased their listed holdings by -28%. Rip Sell: the stock was up 79% in the previous month. Their last sale was 1000 days ago. 8 other insiders also sold the stock in the last 30 days.

• EVP and Chief Business Officer at MICRON TECHNOLOGY INC $MU sold $10.11M (3rd largest sale, out of 24). Rip Sell: the stock was up 20% in the previous 3 months. 2 other insiders also sold the stock in the last 30 days.

• Chief Executive Officer at Hafnia Ltd $HAFN sold $8.12M (first-ever sale). This decreased their listed holdings by -46%. Rip Sell: the stock was up 24% in the previous month. 1 other insider also sold the stock in the last 30 days.

• President, ISG at Broadcom Inc. $AVGO sold $2.96M (2nd largest sale, out of 2). This decreased their listed holdings by -12%. Rip Sell: the stock was up 99% in the previous year. 6 other insiders also sold the stock in the last 30 days.

• Chief Executive Officer at MoonLake Immunotherapeutics $MLTX sold $2.75M (3rd largest sale, out of 4). Rip Sell: the stock was up 69% in the previous 6 months. Their last sale was 774 days ago. 1 other insider also sold the stock in the last 30 days.

• Director (MACRICOSTAS CONSTANTINE S) at PHOTRONICS INC $PLAB sold $2.27M (2nd largest sale, out of 48). This decreased their listed holdings by -10%. Rip Sell: the stock was up 33% in the previous month. 6 other insiders also sold the stock in the last 30 days.

• EVP Stores at BUCKLE INC $BKE sold $1.64M (4th largest sale, out of 12). This decreased their listed holdings by -26%. 1 other insider also sold the stock in the last 30 days.

• EVP, Chief Growth Officer at BJ's Wholesale Club Holdings, Inc. $BJ sold $1.37M (first-ever sale). This decreased their listed holdings by -27%.

• EVP/Chief Customer Officer at FEDEX CORP $FDX sold $999.07K (3rd largest sale, out of 7). This decreased their listed holdings by -10%. Rip Sell: the stock was up 20% in the previous 3 months. Their last sale was 635 days ago. 2 other insiders also sold the stock in the last 30 days.

• and more…

Commentary

An investor asked whether there has been an increase in insider buying in software companies recently, given that the industry is down ~30%.

Yes, but nowhere close to peak 2022 insider buying levels.

Interestingly, insider selling is down ~50% (from 1100 sales per quarter to 564 in Q1), which is the same amount it was down in 2022.

However, insider buying has not increased nearly as much (though it is slowly creeping upward), which is why we are still lagging behind 2022.

We are entering earnings season, so insider trades will be slow for the next month. We will see whether insider buying in software picks up as insiders exit their blackout periods after earnings announcements.

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